Income Tax News

IT dept warns against making drastic changes via revised return post demonetisation

15 December 2016 at 11:39

Filing of Revised Income Tax Returns by the Tax Payers Post De-Monetisation of Currency Under the existing provisions of Section 139(5) of the Income-tax Act, 1961 (‘Act’), Revised Return can only be filed if any person, who has filed a r

Posted in Income Tax | 12228 Views

Finance ministry directs all banks to maintain record of old and new currency deposit

12 December 2016 at 11:28

The Ministry of Finance through a letter to all the MDs &CEOs/CMDs of PSBs and Chairman, IBA directs that all the bank branches in the country be alerted to reflect correctly the cash deposit in old and new currency and inform the customers about

Posted in Income Tax | 3474 Views

Direct tax collection grows to 4.12 lakh crore till Nov

10 December 2016 at 15:42

Direct Tax Collections up to November, 2016 show net collections at Rs. 4.12 lakh crore which is 15.12% more than the net collections for the corresponding period last year

Posted in Income Tax | 3513 Views

Seizure of Rs 106 crore Cash and 127 kg Gold in Chennai

10 December 2016 at 15:42

Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesSeizure of Rs. 106.52 crore Cash and 127 kg Gold in the case ofSand mining Contractors at Chennai by the Income Tax DepartmentThe Investigation Directorate of Inc

Posted in Income Tax | 4 comments | 3840 Views

11 incentives given by Govt for promotion of digital and cashless economy

09 December 2016 at 11:07

In the aftermath of the cancellation of the legal tender character of old Rs.500 and Rs.1,000 notes, there has been a surge in the digital transactions through use of credit/debit cards and mobile phone applications/e-wallets etc. To further accelera

Posted in Income Tax | 6 comments | 13176 Views

Innovative Methods of Laundering and Transportation of Cash found by Income tax department

09 December 2016 at 10:51

Income Tax Sleuths Unearth Innovative Methods of Laundering and Transportation of Cash at Mumbai, Nagpur and Ahmedabad Income tax investigations atMumbailed to the revelation of a syndicate of ground level operators active in converting banned curren

Posted in Income Tax | 4104 Views

Inflow of funds into Jan Dhan accounts not alarming says Govt

08 December 2016 at 11:03

Inflow of Funds into Jan Dhan Accounts not alarming; Income Tax Department identifies the local clusters and Bank Branches where the inflow of Jan Dhan deposits have been more than normal Since the time the Government has alerted people not to allow

Posted in Income Tax | 1 comments | 12186 Views

Rs 2000 crore of undisclosed inc admitted by taxpayers since demonetisation

07 December 2016 at 10:37

Income Tax (IT) Department carries-out swift investigations in more than 400 cases since the de-monetization of old High Denomination (OHD) currency on 8th November, 2016; More than Rs. 130 crore in cash and jewellery seized and approximately Rs. 2,0

Posted in Income Tax | 3246 Views

Payment above Rs 5000 by govt to be made digitally

06 December 2016 at 10:38

Any Payment above Rs.5,000 to Suppliers, contractors, grantee/loanee institutions etc by Government Departments to be now made through e-Payment to attain the goal of complete digitization of Government payments. In order to attain the goal of comple

Posted in Income Tax | 4 comments | 13356 Views

IT dept rejects Rs 2 lakh crore IDS declaration by a family from Mumbai

05 December 2016 at 11:33

Verification of High Value Suspicious Declarations made under the IDS 2016 An Income Declaration Scheme (IDS) was announced in the Union Budget 2016-17 under which declaration of undisclosed income or assetcould be made by agreeing to pay forty five

Posted in Income Tax | 1 comments | 18381 Views